ChinaEquity Group, a Beijing-based alternative investment firm, has led an around RMB100 million (US$14 million) series A+ round in Wujie Space, a Beijing-based co-working space start-up.
Matrix Partners China also participated in the round, according to a company announcement.
In addition, Wujie Space said it had fully acquire Fourwork, another Beijing-based co-working space company, and launched a new product W Studio, a unit providing hundreds of professional conference room services to start-ups.
The company's biggest competitor UrWork, the largest among Chinese co-working space companies, raised a RMB400 million (US$58 million) round in January this year, from Tianhong Asset Management Co., Ltd., a fund management firm affiliated with Ant Financial, Chinese property developer Junfa Group and a number of other Chinese companies, which valued the company at US$1.02 billion post-money.
In the U.S., co-working space pioneer WeWork Cos. just received a US$300 million capital injection from SoftBank Group Corp., as part of a US$3 billion financing round the U.S. company is in the process closing.
Founded in 2015, Wujie Space would have 13 co-working offices in Beijing, Tianjin and Shanghai after the completion of the acquisition, providing 5,000 desks for over 200 companies in China. In March 2016, the company formed a strategic partnership with Beijing-based co-working space giant UrWork to cooperate in the marketing, operating and sharing resources.
Wujie previously raised an undisclosed angel round from Plum Ventures and Matrix Partners China in 2015, and in the same year, it completed a series A round worth tens of millions RMB from a number of unnamed RMB funds.
Last year, a number of Chinese co-working space start-ups completed financing rounds successfully, including 5Lmeet, Fountown, Nash Work and Kr Space.